Market Overview

JPMorgan Raises CEO's Pay To $31.5M After Record 2019 Profit

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JPMorgan Raises CEO's Pay To $31.5M After Record 2019 Profit

The Chief Executive Officer of JPMorgan Chase & Co. (NYSE: JPM), Jamie Dimon is getting a 1.6% raise to $31.5, following the bank’s record earnings in 2019, according to Bloomberg.

What Happened

Dimon's package includes $25 million in stock compensation, $1.5 million in salary, and a $5 million cash bonus, according to the bank’s regulatory filing.

In 2019, JPMorgan posted a record profit for the second year in a row, thanks mainly to corporate tax cuts, growth in credit cards, and a rebound in bond trading, Bloomberg reports.

The bank’s profit increased by 12% to $36.43 billion last year, while its revenue saw a 6% increase to $115.63 billion. Shares of the New York-based bank climbed more than 40%, hitting a record in 2019.

Dimon, who is running the company since 2005, said last week that he wants to work for another five years.

“My statement stays the same, it’s five years,” Dimon told CNBC. “When and if we ever set an actual retirement date, we’ll let you know,” he added.

Price Action

JPMorgan shares declined 0.10% to close at $136.54 on Thursday.

Photo Credit: Public domain photo via Wikimedia.

Posted-In: Bloomberg Jamie Dimon JPMorgan ChaseEarnings News Management Media General Best of Benzinga

 

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